#卡尔达诺稳定币提案

🧩 Proposal Summary: 100M ADA Position Conversion

• Proposal Content

Charles Hoskinson, the founder of the IOG team, proposed extracting ADA worth approximately $100M from the Cardano treasury and converting it into stablecoins (such as USDM, USDA, iUSD, etc.) and Bitcoin to enhance stablecoin liquidity and DeFi development capacity within the ecosystem.

• Main Objective

Currently, stablecoins on the Cardano chain only account for ~10% of TVL, significantly lagging behind competitors. The proposal aims to increase the stablecoin ratio to 30–40% to activate DeFi applications and ecosystem vitality.

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📉 Market Reaction and Controversy Focus

• Price Volatility

• ADA price fell by 4–6% in the short term after the proposal, triggering market panic. Technical analysis showed ADA testing the $0.625–0.60 support and rebounding to around $0.64.

• Community Disagreement

• Supporters believe this move will help enhance DeFi vitality and inject a stable foundation into the Cardano ecosystem.

• Opponents are concerned that the market may "front-run short positions," putting pressure on ADA prices, especially in a bear market, which could exacerbate the decline.

• Hoskinson argues that it can be executed in phases through over-the-counter (OTC), time-weighted average price (TWAP), etc., to reduce the impact on market prices.

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📌 Strategic Implications and Risk Analysis

• Capital Efficiency Improvement

Converting treasury assets into stablecoins and BTC can generate a 5–10% annualized return, which can be used to reverse-purchase ADA or reinvest in DeFi projects, forming a virtuous financial cycle.

• Ecosystem Positioning Adjustment

Increasing the stablecoin ratio can strengthen Cardano's lending, market-making, and trading foundation, narrowing the gap with Ethereum/Solana in the DeFi field.

• Main Risks and Challenges

1. Market Pressure: Even with algorithms and OTC, psychological panic may still cause downward pressure in advance.

2. Governance Disputes: Is the ecological governance structure mature enough to effectively manage this treasury transfer?

3. Directional Divergence: There is a significant difference in strategic understanding between the Cardano Foundation and the developer team regarding "TVL vs. practicality."

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🔭 Next Steps to Watch

• Whether the community vote passes the proposal

• Whether the timing and method of execution are implemented in batches as Hoskinson said

• Subsequent market reaction: Whether the stablecoin ratio and DeFi activity are significantly improved